1. On the navigation bar, click Administration
  2. Click Enter beginning balances
  3. Enter the appropriate information in the grid that appears
  4. Select Tools, Validate to ensure the beginning balances are in balance
  5. Save and close the screen
After defining the accounts, you can enter beginning balances by fund. Beginning balances can be distributed by class, transaction code, or project (distributing balances by projects or transaction codes is available only if you have the optional module Projects and Grants). Beginning balances can be entered for both balance sheet and income statement accounts. In addition, accounts can be created "on the fly", as long as you define each segment value for the accounts in Configuration.

Beginning balances are only entered for one fiscal year; therefore, we recommend selecting the oldest year for which you want to generate reports. You can enter beginning balances as of the beginning or middle of a fiscal year. The method you use to determine and enter beginning balances helps determine the reports you can generate.

Transactions can be entered before locking the beginning balances for a fund; however, transactions cannot be posted until the beginning balances are locked. Once beginning balances are locked within a fund they cannot be revised for any account in the fund. If you are re-implementing General Ledger, refer to the Setting Up General Ledger section of the Administration Guide for additional information about entering beginning balances.

When entering beginning balances, you can run a Trial Balance report for the open fund that lists each account balance and shows whether or not the fund is in balance (i.e. the total amount of debits equals the total amount of credits). You can also validate account balances and characteristics prior to locking the balances by selecting Validate from the Tools menu.